Exterran Announces New Name for the U.S. Market Leader in Contract Compression Services
July 08 2015 - 10:11PM
Business Wire
- After completion of Exterran’s
separation transaction, the U.S. compression services company will
be called “Archrock”
- Non-U.S. contract operations, non-U.S.
aftermarket services and global product lines company will keep the
“Exterran” name
- Exterran Partners will be renamed
“Archrock Partners”
Exterran and Exterran Partners are pleased to announce the
future name of the market leader in U.S. natural gas contract
compression services: Archrock.
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In the third quarter of 2015, Exterran expects to separate its
international contract operations, international aftermarket
services and global product line businesses into a standalone
company, resulting in two independent companies. The remaining
company, which will be called Archrock, will be the leading
provider of natural gas contract compression services and a premier
provider of aftermarket services and parts to customers in the oil
and natural gas industry throughout the United States.
“Archrock will continue to offer our customers contract
compression services utilizing the country’s largest fleet,
well-established relationships with OEM manufacturers and
distributors, and outstanding aftermarket parts and service
capability,” said President and CEO Brad Childers. “The Archrock
name, with its ties to the natural world and its message of
connection, is a fitting reflection of the way we perform for our
customers. With approximately 3.7 million operating horsepower in
our compression services fleet across the United States, we are
strong, we are here for the long term and we bridge divides —
connecting with our customers, employees and communities. We are
where our customers need us.”
After the completion of the separation transaction, Exterran
Partners, L.P., a master limited partnership, will be named
“Archrock Partners, L.P.”
The company comprising Exterran’s global product lines and
non-U.S. services will continue to be called “Exterran.” It will
continue to be a market leader supplying customers throughout the
world engaged in all aspects of the oil and natural gas
industry.
“Exterran’s customers can continue to rely on our legacy of
proven world-wide performance,” said Executive Vice President
Andrew Way, who will become President and CEO of Exterran when the
transaction is complete.
Exterran’s global product lines will include production
equipment, natural gas compression equipment, processing and
treating equipment and water treatment solutions. In addition,
outside the United States, it will continue to be a leading
provider of full-service natural gas contract compression and a
supplier of new, used, OEM and aftermarket parts and services.
NOTE TO EDITORS: Logos for the companies are available for
publication.
About Exterran Holdings and Exterran Partners
Exterran Holdings, Inc. (NYSE:EXH) is a global market leader in
full service natural gas compression and a premier provider of
operations, maintenance, service and equipment for oil and gas
production, processing and transportation applications. Exterran
Holdings serves customers across the energy spectrum – from
producers to transporters to processors to storage owners.
Headquartered in Houston, Texas, Exterran has approximately 10,000
employees and operates in approximately 30 countries. Exterran has
approximately 3.7 million operating horsepower of contract
compression in the United States as of March 31, 2015.
Exterran Partners, L.P., (NASDAQ:EXLP) a master limited
partnership, is the leading provider of natural gas contract
compression services to customers throughout the United States.
Exterran Holdings owns an equity interest in Exterran Partners,
including all of the general partner interest.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made
regarding the subjects of this release) other than historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
Exterran Holdings and Exterran Partners (the “Companies”), which
could cause actual results to differ materially from such
statements. Forward-looking information includes, but is not
limited to, the Companies’ financial and operational strategies and
ability to successfully effect those strategies; the expected
benefits and timing of the separation transaction mentioned in this
press release; the Companies’ continued leadership positions in the
businesses in which they compete; statements regarding the expected
President and CEO of Exterran; the Companies’ expectations
regarding future economic and market conditions; the Companies’
financial and operational outlook and ability to fulfill that
outlook; and demand for the Companies’ products and services and
growth opportunities for those products and services.
While the Companies believe that the assumptions concerning
future events are reasonable, they caution that there are inherent
difficulties in predicting certain important factors that could
impact the future performance or results of their business. Among
the factors that could cause results to differ materially from
those indicated by such forward-looking statements are: local,
regional, national and international economic conditions and the
impact they may have on the Companies and their customers; changes
in tax laws that impact master limited partnerships; conditions in
the oil and gas industry, including a sustained decrease in the
level of supply or demand for oil or natural gas or a sustained
decrease in the price of oil or natural gas; Exterran Holdings’
ability to timely and cost-effectively execute larger projects;
delays, costs and difficulties that could impact the completion and
expected results of the separation transaction; changes in
political or economic conditions in key operating markets,
including international markets; any non-performance by third
parties of their contractual obligations; changes in safety, health
environmental and other regulations; and, as to each of the
Companies, the performance of the other entity.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in Exterran Holdings’ Annual Report on Form
10-K for the year ended December 31, 2014, Exterran Partners’
Annual Report on Form 10-K for the year ended December 31, 2014,
and those set forth from time to time in the Companies’ filings
with the Securities and Exchange Commission, which are currently
available at www.exterran.com. Except as required by law, the
Companies expressly disclaim any intention or obligation to revise
or update any forward-looking statements whether as a result of new
information, future events or otherwise.
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Exterran Holdings, Inc. and Exterran Partners, L.P.MediaSusan
Moore, 281-836-7398orInvestorsDavid Oatman, 281-836-7035
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